Skye Bank Plc says it will place emphasis on retail and commercial banking as a way of bringing about a healthy deposit and bring down its cost of funding.

The new business strategy would also allow the bank to reduce the volume of public sector deposit and term deposit at its disposal, it stated.

The Group Managing Director/Chief Executive Officer of the bank, Mr. Timothy Oguntayo, said this at a forum with stockbrokers, which took place in Lagos.

According to him, the move becomes imperative as the bank assumes the status of a mega bank following its acquisition of Mainstreet Bank Limited.

Oguntayo said the acquisition of Mainstreet Bank and the attendant synergies between the two institutions had given Skye Bank the competitive edge in the industry which it would leverage to deliver quality customer service and high returns to shareholders

The Skye Bank boss said the acquisition had also provided the bank the opportunity to optimise cost, with a promise that the bank would use its superior information technology to block leakages as well as pursue aggressive expense control.

He said the bank would continue to upgrade its information technology, while also promoting the usage of Point of Sale terminals and Automatic Teller Machines to serve its teeming customers.

Oguntayo, who assured the bank’s customers of seamless integration, said it had put in place measures to grow its balance sheet and create value for its shareholders.

The bank’s branch network had risen to 450 compared to 260 branches before the business combination with Mainstreet Bank, he noted.

Oguntayo also explained that the increased branch network would make access to the bank’s services easier.

He added that the bank’s combined ATM network had moved to 815 from 600 prior to the acquisition.

He said the bank had strongly established its presence in the South-South, South-East and the North through the acquisition and promised the customers better days ahead.

According to him, the customer base of the bigger bank currently stands at five million, while efforts are being intensified to increase the figure.

The doyen of stockbrokers, Mr. Sam Ndata, commended Skye Bank on the acquisition and for informing the brokers of the developments in the bank.

He also lauded the transparency and openness of the bank which he said would help the market to take informed investment decisions.

Punch